Emirates Group has rewarded its employees with a bonus equal to 22 weeks of salary after reporting its strongest financial results and record profit ever for the fiscal year ending on March 31, 2025. This decision follows the company’s historic performance, as the Group reached new records in net profit, revenue, operating earnings, and cash holdings. Emirates became the most profitable airline globally for the year, with Emirates Airline achieving its highest results in history.
The Group reported a pre-tax profit of AED 22.7 billion (US$ 6.2 billion), an increase of 18% from the previous year. Revenue rose 6% to AED 145.4 billion (US$ 39.6 billion), and EBITDA reached AED 42.2 billion (US$ 11.5 billion), reflecting the company’s strong profitability. The Group also reported its highest-ever cash assets at AED 53.4 billion (US$ 14.6 billion), a 13% increase.
This year also marked the first time Emirates Group was subject to the 9% UAE corporate tax introduced in 2023. After applying this tax, the Group recorded a net profit of AED 20.5 billion (US$ 5.6 billion). The Group declared a dividend of AED 6.0 billion (US$ 1.6 billion) to its owner, the Investment Corporation of Dubai.
dnata also showed positive results across its business lines. It posted a pre-tax profit of AED 1.6 billion (US$ 430 million), which is 2% higher than last year. dnata’s revenue grew by 10% to AED 21.1 billion (US$ 5.8 billion), while cash holdings stood at AED 3.7 billion (US$ 1.0 billion).
Emirates Airline’s operations and performance
For the 2024–2025 period, Emirates Airline alone recorded a pre-tax profit of AED 21.2 billion (US$ 5.8 billion), an increase of 20% from last year. Revenue reached AED 127.9 billion (US$ 34.9 billion), up 6%, and cash assets climbed to AED 49.7 billion (US$ 13.5 billion), 16% higher than the same period in 2024.
Passenger and cargo capacity grew by 4% to 60.0 billion Available Tonne Kilometres (ATKMs), approaching pre-pandemic levels. Emirates transported 53.7 million passengers during the year, a 3% increase. Seat capacity rose 4%, with a Passenger Seat Factor of 78.9%, down slightly from last year’s 79.9%. Passenger yield remained unchanged at 36.6 fils (10.0 US cents) per Revenue Passenger Kilometre.
The airline posted a record operating cash flow of AED 40.8 billion (US$ 11.1 billion), reflecting strong business results. Despite this, currency devaluation in some of its major markets caused a negative impact on profit amounting to AED 718 million (US$ 196 million).
Fuel and labor remained the largest expenses for Emirates in 2024–2025, followed by depreciation and amortization. Fuel made up 31% of total costs, down from 34% the year before. Although fuel uplift increased by 5% due to higher flight activity, the average price dropped by 10%. This, along with hedging gains, led to a reduction in the overall fuel bill to AED 32.6 billion (US$ 8.9 billion) from AED 34.2 billion (US$ 9.3 billion) last year.
Fleet growth and customer experience investments
In 2024–2025, Emirates launched two new destinations, Bogotá and Madagascar. It also resumed services to Phnom Penh, Lagos, Adelaide, and Edinburgh. The airline increased flights to 21 destinations to keep pace with demand. By March 31, Emirates served 148 cities in 80 countries and territories. Its network included partnerships with 33 codeshare and 118 interline carriers, offering passengers access to over 1,750 cities.
Four Airbus A350s joined Emirates’ fleet, supporting routes to Ahmedabad, Edinburgh, Bahrain, Colombo, Kuwait, and Mumbai. These aircraft feature updated products including Premium Economy Class and a new in-flight entertainment system. Fleet size reached 260 aircraft by March 31, with an average age of 10.7 years.
Due to delays in new aircraft deliveries, Emirates expanded its retrofit program. An additional 99 aircraft were added, bringing the total number to 219. This upgrade initiative, valued at US$ 5.0 billion, aims to enhance cabin interiors. Emirates’ order book at the end of March included 314 aircraft, consisting of 61 A350s, 205 Boeing 777x, 35 Boeing 787s, and 13 777Fs.
Emirates invested AED 63 million in improving its airport lounge offerings. It opened new lounges at London Stansted and Jeddah, bringing its global count to 41 dedicated lounges. The airline also implemented several inflight service improvements during the year.
Emirates finished the financial year with a post-tax profit of AED 19.1 billion (US$ 5.2 billion), surpassing the previous year’s AED 17.2 billion (US$ 4.7 billion). This marked the highest profit in Emirates’ history and the highest for any airline worldwide for the fiscal year 2024–2025, with a profit margin of 14.9%.
